Gold has all the potential to go unprecedentedly high. But silver will be gold on
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UNITED NATIONS (AP) — The United Nations chief warned Monday that “humanity is just one misunderstanding, one miscalculation away from nuclear annihilation,” citing the war in Ukraine, nuclear threats in Asia and the Middle East and many other factors.
Aug 2, 2022 - 09:12:35 PDT
China's military vowed Tuesday to launch "targeted military actions" in response to US House Speaker Nancy Pelosi visit to Taiwan, as.
Aug 2, 2022 - 08:53:14 PDT
Ant Group – a payment platform that has been used to implement “vaccine passports” and a "social credit" system in China – has retained several American lobbying firms, including those staffed by high-profile Democratic strategists with ties to Rep. Nancy Pelosi and former President Barack Obama and Republican strategists linked to Senator Mitt Romney.
Aug 2, 2022 - 08:45:32 PDT
The world faces the possibility of a series of economic collapses that could destabilize the lives of millions of people.
Aug 2, 2022 - 08:42:04 PDT
The kinds of devastation that we’re seeing across the world are only going to hit U.S. headlines when they translate into very open protests, but they are generating not just extreme misery, but they’re also generating the seeds of instability and protest that will have devastating consequences everywhere, including in the U.S.
Aug 2, 2022 - 08:33:57 PDT
Compared with one year earlier, credit card debt has increased at the fastest clip in 20 years.
Overall delinquency rates rose modestly too for all debt types, with delinquencies for credit cards and auto loans "creeping up," particularly in lower-income areas, the New York Fed's quarterly household debt report said. Mortgage debt increased to $11.39 trillion at the end of June, according to the report.
ANALYSIS: With higher levels of household debt, and more exposure to rate rises, Canada and New Zealand are among the countries deemed the most vulnerable to sharp house price falls. Two factors should prevent house prices from entering a death spiral. One is the shortage of homes in most rich countries. Depending on the estimate...
Australia’s Housing Downturn Accelerates: In Sydney, Sharpest Price Drops “in Almost 40 Years” Aug 2, 2022 - 08:11:55 PDT
Sales volume plunged in Sydney and Melbourne. Rate hikes bite, yet the Reserve Bank of Australia just started hiking.
Aug 2, 2022 - 08:07:15 PDT
Economic data for the third quarter is only a few days underway. But please note the Atlanta Fed GDPNow Model is already headed the wrong direction.
"The White House’s definitional wordsmithing could not overcome the onset of worsening economic realities in 1974, and its frequent appeals to the NBER determination could not run down the clock against a prolonged recession."
A strong currency exports inflation to those nations which do not issue the currency.
Aug 2, 2022 - 07:58:06 PDT
The trip has drawn outrage from Beijing, which has sought to isolate Taiwan and views such exchanges with foreign dignitaries as support for formal independence.
Labor Market Cracks As Job Openings Suffer Third Biggest Plunge On RecordAug 2, 2022 - 07:46:26 PDT
The only question then is what happens to wages and how much longer will the wage-price spiral continue now that Biden and Powell have officially pushed the economy into a recession.
Aug 2, 2022 - 07:45:01 PDT
The Black Knight Home Price index is showing YoY home price growth slowing to +17.3% YoY … which is still really high.
Gold rose to the highest level since early July as investors braced for a stormy period in US-China relations with House Speaker Nancy Pelosi heading for Taiwan.
Despite the bullish rhetoric it feels very much as if we are in the eye of the storm. If Powell pivots soon, the end of August at the latest, we may avoid the worst. If he doesn’t then mind your “eye”.
Aug 2, 2022 - 05:46:19 PDT
Credit Suisse Group AG shares slumped after the bank’s credit outlook was cut to negative by S&P Global Ratings and its senior debt was downgraded by Moody’s Investors Services, signaling that management changes announced last week are failing to shore up investor confidence.
The Fed Government Had Expected $114 Billion Income on Student Loans. But It Could Lose $197 BillionAug 2, 2022 - 05:44:09 PDT
The U.S. Department of Education is expected to lose $197 billion from federal student loans made over the last 25 years.
The US economy may need to undergo a deeper and longer recession than investors currently anticipate before inflation can be brought under control, according to Zoltan Pozsar of Credit Suisse Group AG.